From 1 April 2019, all VAT-registered businesses with revenue over £85,000 across the UK will have to keep their financial records in a digital form and submit their VAT returns using HMRC approved software. Businesses selling software may want to learn the ways in which vat is collected from the ecommerce platform they use. This Government legislation, called Making Tax Digital (MTD), is the biggest change to tax compliance in a generation, set to affect over 1.2 million small businesses in the UK. Accounting agencies like H&H accountants in Taunton are preparing for an influx of new clients all looking for assistance with the new legislation as well as other services such as payroll and bookkeeping. Accountants can make these changes much easier for the small businesses affected. If you would like to learn more about small business accounting, you can visit somewhere like this Melbourne accounting firm. Alternatively, you can seek out a firm more local to your area.
Today, Brentwood-based Thompson Hughes Essex Accountants Ltd ‘THE Accountants’ announced it is MTD ready to help VAT-registered small businesses in Essex and the surrounding area become compliant ahead of the deadline. By partnering with Intuit QuickBooks, makers of HMRC approved accounting software, THE Accountants can make digital tax compliance easy for local VAT registered small businesses. Other businesses are making comparisons of other accounting platforms, such as freshbooks vs quickbooks, to see if that would better suit their needs.
David Hughes, Managing Director at THE Accountants said “MTD is around the corner. We’ve heard small businesses in Essex are concerned and some do not fully understand the legislation. Many are worried they will not be compliant and are anxious about time spent learning new digital processes. We’ve also heard they are relying on accounting professionals to make the change. That’s why we’re delighted that by using QuickBooks, we’re ready to help small businesses in Essex make MTD easy.”
Guidance from HMRC is around 240,000 eligible businesses are currently not aware of MTD. To raise awareness locally and to help businesses understand the legislation, THE Accountants has organised ‘MTD Explained’, an event taking place at Essex County Cricket Club on 29 March at 9am. To sign up for the event, which also features former International cricketer Monty Panesar, business owners should go to https://mymarketing.partnercampaigns.com/makingtaxlessdreary/
